the
debt swap
is not debt cancellation. If Pakistan benefits, the amount of claims will remain the same,” decrypts the former Minister of Finance, Hafeez Pasha. RIZWAN TABASSUM/AFP
The devastated country could invest in reconstruction what it must repay to its creditors, suggests the UN.
Pakistan is not done with cataclysmic floods. While the death toll is close to 1,500 dead, new rains are feared until the end of the month. The cost of the destruction would amount, according to the central government, to 18 billion dollars, or 5% of the GDP. The UN speaks of 30 billion.
In this context, the government continues to hammer home the need for more climate justice. Again on Monday, when he received the French ambassador in Islamabad, Prime Minister Shehbaz Sharif repeated that his country, which emits few greenhouse gases, was “one of the most vulnerable to devastation“. This argument received a boost from the UN Secretary General. Antonio Guterres pleaded on September 10 for a debt replacement mechanism in favor of the country. “Instead of repaying its creditors, a country uses this money to invest in becoming more resilient to the effects of climate change (…) and in the green transition of its economydoes he have…
This article is for subscribers only. You have 77% left to discover.
Cultivating your freedom is cultivating your curiosity.
Keep reading your article for €0.99 for the first month
Already subscribed? Login